STOCKS NEWS UK-Patsystems up on strong FY, outlook

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10:56GMT 09Feb2009-Patsystems up on strong FY, outlook

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Shares in Patsystems Plc (PTS.L) rise 6.7 percent after the provider of trading systems software posts robust 2009 results despite the collapse of major client Lehman and says the current year has begun with a strong sales pipeline.

"PatSystems has many of the attributes we like to see in software companies - a recurring revenue model, a top quality customer list, a strong balance sheet with good cash generation, and a range of cyclical and structural growth opportunities over the next 24 months," Numis Securities analyst David Toms says in a note.

Toms retains his "buy" rating and target price of 32 pence on the stock.

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09:34GMT 09Feb2010-Beazley gains on results; broker upbeat

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Shares in Beazley (BEZG.L) rise 1.4 percent, outpacing a 0.2 percent rise by the FTSE 250 .FTMC index, after the Lloyd's of London insurer reports a 15 percent jump in its annual profit, with FinnCap repeating its "buy" rating and 120 pence target price.

"Beazley now looks better positioned to ride out a difficult period for liability insurers where recessionary influences are causing more claims," says the broker in a note.

FinnCap adds that the Dublin-based insurer's shares are trading at a discount, which it says "sits uneasily with return on equity of 17 percent rising to 18 percent this year".

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09:15GMT 09Feb2010-Rightmove rises on 2010 profit outlook

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Shares in Rightmove (RMV.L) rise as much as 4 percent after it says it expects 2010 profits to be ahead of market forecasts as it benefits from an upturn in online advertising.

Rightmove is benefiting from the cyclical rise in online property advertising, says Robin Savage at Collins Stewart. "We suspect that the number of property developments has increased and that estate agents are (reluctantly) paying up for Rightmove Choice products," he adds.

The brokerage says it expects to upgrade the stock, but will wait for factual evidence before increasing its revenue and profit forecasts.

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09:03GMT 09Feb2010-British Land up after trading update

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Shares in British Land (BLND.L) take on 2.3 percent after the property group posts an above-forecast 18 percent rise in third-quarter net asset value (NAV), prompting Panmure Gordon to raises its NAV forecast and target price.

British Land, one of London's largest office landlords, says in an Interim Management Statement that its NAV rose to 438 pence a share in the three months to Dec. 31, above the 425 pence consensus forecast, as demand for commercial real estate rallied.

Panmure Gordon says in a note that the third-quarter NAV number was well above its 390 pence forecast "due to yield compression in most areas of (the firm's) UK portfolio."

The broker notes that British Land's third-quarter EPS was in line with its 7.0 pence forecast, as was the 6.5 pence dividend, and Panmure will edge-up its full year EPS forecast but leave its payout forecast unchanged.

Panmure hikes its full-year NAV estimate for British Land to 455 pence from 395 and ups its target price to 455 pence from 450, retaining its "hold" rating.

Other real estate blue chips also move higher, with Land Securities (LAND.L), Liberty International LII.L, Hammerson (HMSO.L) and Segro (SGRO.L) adding 0.6 to 3.2 percent.

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08:42GMT 09Feb2010-AstraZeneca up on broad Crestor label

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AstraZeneca (AZN.L) shares gain 1.5 percent, outperforming a flat European drugs sector .SXDP, after U.S. approval for expanded use of Crestor strengthens its position in the highly competitive cholesterol drug market.

Analysts say the broad label to promote Crestor for preventing heart disease in people with normal cholesterol but other risks should underpin prescriptions, although much of the sales benefit may already have been seen, since trial results supporting the new label have been known for more than a year.

AstraZeneca's sales of Crestor are forecast to reach $6.5 billion in 2013, up from $4.5 billion in 2009, according to consensus estimates from Thomson Pharma, making it the company's top sales driver.

But some analysts question if the group has enough growth potential to offset the loss of older drugs -- especially with Crestor's patents being challenged in the courts by generic drugmakers.

"Whilst resurgent Crestor growth, pipeline delivery and cost savings may help offset some of the impact, we see a meagre (annual) earnings (growth) of -3.9 percent (2009-14) versus +6.1 percent for the sector," said Jeffrey Holford of Jefferies, who rates AstraZeneca "underperform".

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08:56GMT 09Feb2010-Wolfson rises on outlook; Citi 'buy'

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Shares in chipmaker Wolfson Microelectronics (WLF.L) rise 5.9 percent after the firm reports improving visibility despite posting a wider than expected fourth-quarter loss, with Citigroup repeating its "buy" rating.

The broker says fourth-quarter results, as indicated, were negatively impacted by the decline in iPhone 3G business.

"As such investor attention should now turn towards the strong level of design wins WLF has achieved with new products over 2009, the majority of which we expect to start shipping in 2010," Citigroup says a in a note.

"Solid backlog guidance and clear design win momentum provide apt potential for estimate upgrades over the year," the broker says.

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